Stock Market Today: Nifty Registers Longest Gaining Streak In Over A Year To End Above 25,000-Mark
The Nifty ended 0.75% or 187.15 points higher at 25010.3 and the Sensex closed at 0.77% or 620.32 points higher at 81706.53. Both the indices closed at their highest levels since August 1.
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Nifty Registers Longest Gaining Streak In Over A Year To End Above 25,000-Mark: Market Wrap
The Nifty logged its longest stretch of gaining streak in more than a year to end above the psychologically crucial 25,000-mark after sixteen sessions and the Sensex extended its gains for the fifth consecutive session.
Today's rally came after dovish commentary by US Fed Chair Jerome Powell at the Jackson Hole symposium, which confirmed a September rate cut in the US.
The Nifty ended higher in the eighth consecutive session, its best streak since eight sessions ended July 6.
The Nifty ended 0.75% or 187.15 points higher at 25010.3 and the Sensex closed at 0.77% or 620.32 points higher at 81706.53. Both the indices closed at their highest levels since August 1.
Intraday, both the indices gained 0.9%.
According to Shrikant Chouhan, head equity research at Kotak Securities, 24900/81300 would be the trend decider level for Nifty and Sensex. "Above the same, the market could continue the positive momentum till 25125-25200/82000-82600," he said. "On the flip side, below 24900/81300 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions."
Shares of HDFC Bank Ltd., HCL Tech Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and NTPC Ltd. contributed the most to the gains.
While those of Kotak Mahindra Bank Ltd., Apollo Hospitals Enterprises Ltd., Adani Ports and SEZ Ltd., Maruti Suzuki Ltd., and Grasim Industries Ltd. capped the upside.
Except Nifty PSU Bank and Nifty Media, all sectoral indices closed higher. Nifty Metal rose the most.
"There are indications that the rate cuts could happen at a faster pace, especially with the weakening of jobs data," said Naveen Kulkarni, Chief Investment Officer at Axis Securities. "However, Mr. Powell believes that the chances of the US economy entering a recession in the near term are very low."
He explained that this implies that rate cuts would likely align with consensus expectations, and the possibility of higher rate cuts may be lower. "Overall, the regime of high interest rates is coming to a close, but the likelihood of returning to an ultra-low interest rate environment also appears to be low at the moment," he said.
Market breadth was skewed in favour of buyers. Around 2,189 stocks advanced, 1,862 stocks declined, and 146 stocks remained unchanged on BSE.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.66% and 0.20% higher, respectively.
On BSE, 18 sectors advanced and two declined out of 20. The BSE Consumer Durables ended with the most gains compared to other sectoral indices. The BSE Services declined the most
Rupee Ends Flat Against US Dollar
Rupee closed flat at 83.90 against the US dollar.
It closed at 83.90 on Friday.
Source: Bloomberg
Markets At Close
Nifty ends higher in the eighth consecutive session, its best streak since eight sessions ended July 6
Sensex ends higher for fifth consecutive session
Nifty closed above psychologically crucial 25,000-level after 16 sessions
Both the indices closed at their highest levels since August 1
Nifty ends 0.75% or 187.15 points higher at 25010.30
Sensex ends 0.77% or 620.32 points higher at 81706.53
Broader indices underperformed; Nifty Midcap 100 ended 0.67% up and Nifty Smallcap 250 rose 0.42%
Most sectoral indices ended with gains; Nifty Metal was the top gainer and Nifty PSU Bank fell the most
Hindalco Industries and HCL Tech were top Nifty gainers
Apollo Hospitals Enterprises and Hero MotoCorp were top losers among Nifty stocks
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